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OfflineFrancoAmerican
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Registered: 10/21/18
Posts: 264
Last seen: 1 year, 12 days
Why did Bitcoin drop 16% at 515 am est today?
    #27125777 - 01/04/21 10:30 AM (3 years, 24 days ago)

I’ve done ok over the past few years squirreling money away in altcoins.

I saw the spike today while at work and was curious about the cause. Any input or theories would be appreciated.

Thanks


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OnlinegeokillsA
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Re: Why did Bitcoin drop 16% at 515 am est today? [Re: FrancoAmerican] * 1
    #27125845 - 01/04/21 11:02 AM (3 years, 24 days ago)

From this post:

Quote:

geokills said:
In a nutshell, these huge swings are the result of the now widespread adoption of leveraged positions on almost all exchanges, in conjunction with relatively thin order books on any given exchange.  Big institutional money tends to trade "over the counter" (aka OTC), which means those trades are negotiated off of the public order books and therefore won't affect spot prices.  Thus, the order books are populated by generally smaller players who aren't as well capitalized, and it doesn't take very much buying or selling pressure to move the spot price in a big way.

So it follows, when a big order hits the public order flow on any given exchange, it can move price beyond trigger points which will force liquidations on leveraged positions across all exchanges, thereby exaggerating the move until market forces eventually equalize.  Unfortunately, a lot of technical damage can be done in the process.  The use of automated trading systems (aka programmable/algorithmic trading), can also push these moves deeper than they would otherwise be.

And yes, manipulation can definitely come into play.. where the well capitalized can load up on leverage or futures contracts and then take a swing at the spot price with a big public order to temporarily inflate their derivative positions for a beneficial entry/exit.  However, because the crypto market is still so thin in general, these moves could just as easily be triggered by an early HODL'r who is incredibly profitable, wants to book those profits, and lacks the sophistication to exit their trade more gracefully.


In general, I would expect at least a pause in the uptrend here, as crypto assets that have had a big run begin to chop around to digest their big moves and ultimately determine more reliable support zones.




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OnlineIce9
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Registered: 03/20/14
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Re: Why did Bitcoin drop 16% at 515 am est today? [Re: geokills]
    #27144322 - 01/12/21 06:09 PM (3 years, 15 days ago)

Bitcoin failed to find a foothold at the 40k point, failures to maintain break points are often followed by devaluation. It's likely miner's dumped coins, taking profit, causing a chain reaction amongst other institutional buyer/sellers.  I've played with BTC for quite a while, flash crashes, while not common, are definitely not unheard of.


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The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw


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Offlinemaui
Registered: 11/20/14
Posts: 505
Last seen: 4 days, 12 hours
Re: Why did Bitcoin drop 16% at 515 am est today? [Re: FrancoAmerican]
    #27216734 - 02/20/21 01:18 PM (2 years, 11 months ago)

why not


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OfflineDblackishaw
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Male


Registered: 08/23/13
Posts: 53
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Re: Why did Bitcoin drop 16% at 515 am est today? [Re: maui]
    #27220645 - 02/22/21 04:39 PM (2 years, 10 months ago)

I always seem to get out right before the price goes way up. We must not be compatible.


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